Jon, Other/Just Looking in Los Angeles, CA

Which California city will have the 1st house sell for $1.00 like Detroit and Cleveland?

Asked by Jon, Los Angeles, CA Thu Aug 14, 2008

While houses sit unoccupied in these cities, they're stripped piece by piece by scrappers. Which cities in California are likely to be hit by these sort of travesties?

http://tinyurl.com/5cv75a

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/M…

Help the community by answering this question:

Answers

3
Jon:

With the new law, signed by Governor Schwartzenegger on July 8, 2008, this may never happen in California. This is an excerpt from the bill:

"Until January 1, 2013, this bill would require a legal owner to
maintain vacant residential property purchased at a foreclosure sale,
or acquired by that owner through foreclosure under a mortgage or
deed of trust. The bill would authorize a governmental entity to
impose civil fines and penalties for failure to maintain that
property of up to $1,000 per day for a violation. The bill would
require a governmental entity that seeks to impose those fines and
penalties to give notice of the claimed violation and an opportunity
to correct the violation at least 14 days prior to imposing the fines
and penalties, and to allow a hearing for contesting those fines and
penalties."

This is California's attempt to totally prevent the problems happening in Detroit, with blighted neighborhoods and homes that sit unoccupied and are stripped. The Governor has been extremely proactive in supporting this type of legislation and the state appears to be taking pre-emptive action to mitigate against the worst that can happen in a strong foreclosure market. I do not believe that we will see $1 home any time in the near future. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
2 votes Thank Flag Link Thu Aug 14, 2008
Hi, my name is Eddie, California is an expensive state. If you can find a "Tax Lien" property , this one will be the best investment in the future. But foreclosure is so many in 6 counties in California. I suggest to all buyers to concentrate on this before the government bail all this foreclosure and it is too late to find a good deal. The democrate once capture the white house will do everything to avoid foreclosure and all properties in the market (foreclosure only) will be gone. The prices of house will start going up and all buyers and going to find a good deal and it's all gone. It happen in 1990 when the prices goes down to 60% below market. In less than 2 years, all the houses market value go up. This will happen again and all american who have no house or renting will pay the price. Rent will be hard to find a good deal, and hard to find affordable house to buy. I hope my info will help you.

Regards,

Eddie Isles
Mortgage/Investment Specialist
Colorado
0 votes Thank Flag Link Sat Oct 25, 2008
Hi, Jon,

I read that article about the home in Detroit selling for $1.00. Pretty amazing price even if the house ends up needing to be bulldozed!

However, I do have to agree with Shel-lee. I don't THINK it will happen here, but if it does there should be quite a line of people trying to outbid each other!
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Thu Aug 14, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer